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Cyprus to tap an additional €81m in EU funds

Funds drawn by Cyprus under the European Fund for Strategic Investments (Efsi) reached €45m in November, as the island was set to receive an additional €81m, the European Commission said.

The Efsi was extended on Tuesday until 2020 to finance more projects that promise the best economic and social returns in the EU member states.

Commission Vice-President Jurki Katainen had urged Cyprus to work harder to benefit from the Efsi, since it ranked second to last among the EU states.

He also said many sectors in Cyprus could benefit from the fund, such as tourism, energy, renewables, as well as research development and innovation.

Efsi, also known as the Juncker Plan, aims to mobilise €500bn to redress market failures and investment gaps, by funding innovative projects with a high-risk profile which would not have been supported otherwise.

According to the agreement between the Parliament and the member states, investments should also foster job creation, particularly for young people and economically weaker EU regions.

The Efsi, implemented by European Investment Bank, was established in 2015 for an initial period of three years with the aim of mobilising at least €315bn in investment in the real economy.

The European Commission proposed to extend the fund’s duration until the end of the EU’s current Multiannual Financial Framework in December 2020, with a view to reaching an investment target of €500bn.

 

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